Portland, OR, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Proteomics Market by Products and Services (Instruments, Reagents, and Services), by Application (Drug Discovery and Disease Diagnosis) - Global Opportunity Analysis and Industry Forecast, 2017–2025." The report offers a comprehensive analysis of top winning strategies, recent developments, market dynamics, key segments, and market players. According to the report, the global proteomics market garnered $24.36 billion in 2017 and is expected to reach $72.44 billion by 2025, registering a CAGR of 14.5% from 2018 to 2025.
Rise in prominence of personalized medicine, surge in R&D expenditure, and technological advancements related to proteomics components facilitate the growth in the market. However, scarcity of skilled professionals and high costs related to proteomics components hinder the growth in the market. On the other hand, opportunities related to biomarker identification and advancements in mass spectrometry-based proteomics create new opportunities in the industry.
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Based on component, the reagents segment contributed more than three-fourths of the total market share in 2017 and will continue to lead by 2025. This is due to increase in usage as binding materials and precursors of chemical reactions during the protein structure analysis and characterization. However, the instruments segment is expected to grow at the highest CAGR of 16.3% from 2018 to 2025, owing to considerable increase in R&D activities for the development of novel instruments for studying the structure of proteins.
The drug delivery application contributed nearly three-fifths of the total market share in 2017 and will maintain its lead position during the forecast period. This is due to focus on development of precision medicine, which in turn, result in the growth for drug discovery using proteomics. The research also analyzes disease diagnosis and other applications.
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Asia-Pacific is expected to witness the highest growth rate, with a CAGR of 16.8% from 2018 to 2025, owing to surge in demand for drug discovery and increase in proteomics projects such as the China proteome project in the region. On the other hand, North America accounted for nearly two-fifths of the total market share in 2017 and will maintain its leadership status by 2025. This is due to rise in funding by various organizations, implementation of agreements and collaborations strategies, and surge in R&D investments.
Key market players analyzed in the industry include Thermo Fisher Scientific Corporation, Luminex Corporation, Agilent Technologies, Bio-Rad Laboratories, Inc., Danaher Corporation, Inc., Waters Corporation, GE Healthcare, Caprion Proteomics Inc., and PerkinElmer, Inc. They have adopted various strategies including expansions, collaborations, partnerships, joint ventures, mergers & acquisitions, and others to gain a strong position in the market.
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